The ups and downs of trying to accumulate a seven-figure net worth on a five-figure salary, loose weight, get fit, and do a post-grad course while working full-time... oh, and train for air pistol competitions ;)

Friday, 9 November 2007

Creating Wealth in Australia

The latest figures on creating wealth in Australia were reported in the SMH today. It shows that the average Australian houselhold now has a net worth over half a million dollars ($563,000), having increased by 14% over the past two years.

Some other interesting factoids:

the average amount of debt carried is $92,000

the average value of all assets is $655,000

low-wealth households (disposable income below $445 per week) had their net worth increase by only 5% during the past 2 years, to $24,505

high-wealth households (disposable income above $908 per week) had their net worth increase by 11% to $1,160,000

only 75% of households had superannuation assets, with an average value of $111,000

69% of Australians own or are paying off their own home, which has an average value of $412,500

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